The Information Technology Revolution and the Stock Market: Evidence

By B. Hobijn, Boyan Jovanovic. 2001

321 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/a8291b0aeb4093fc5a4880a463cbf41ed5ed097a

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. Po-Hsuan Hsu
2. Dimitris Papanikolaou
3. Leonid Kogan
4. Ellen R Mcgrattan
5. Noah Stoffman
6. Nicolae Gârleanu
7. Randall K. Morck
8. Amit Seru

In Finance

1. Dimitris Papanikolaou
2. Po-Hsuan Hsu
3. Nicolae Gârleanu
4. Edward C. Prescott
5. Bernard Yeung
6. Stavros Panageas
7. Leonid Kogan
8. Ellen R Mcgrattan

Citations in the corpus

• Investment Shocks and Asset Prices (2011, result): “This is consistent with the findings of Hobijn and Jovanovic (2001), who argue that the arrival of information technology caused a decline in the stock market in the 1970s.”
• Aggregate Consequences of Limited Contract Enforceability (2004, unknown): “Our theory is also consistent with the empirical evidence about the better performance of new listed firms after the IT revolution as shown in Hobijn and Jovanovic [12].”
• Creative destruction and firm-specific performance heterogeneity (2007, background): “Our industries resemble Hobijn and Jovanovic (2001) and Stiroh (2002).”
• Does Innovation Cause Stock Market Runups? Evidence from the Great Crash (2008, background): “This basic pattern closely resembles that of the late twentieth century where Hall (2001), Hobijn and Jovanovic (2001), and Laitner and Stolyarov (2003) have documented a drop, followed by a rise, in stock market capitalization during the evolution of the information and communications technology…”
• Finance and economic growth - a review of theory and the available evidence (2001, background): “AND B. JOVANOVIC (2000): "The information technology revolution and the stock market: evidence", Mimeo,New York University, April 2000.”
• Taxes, regulations, and the value of U.S. and U.K. corporations (2005, background): “Studies of the IT revolution include those of Greenwood and Jovanovic(1999), Hobijn and Jovanovic(2001), andLaitner and Stolyarov (2003).”
• Technological Innovation, Resource Allocation and Growth (2017, background): “technological innovations is similar to Laitner and Stolyarov (2003) and other papers such as Greenwood and Jovanovic (1999) and Hobijn and Jovanovic (2001) that argue that arrival of a new type of capital can lead to a large fall in the stock markets capitalization in an economy due to obsolescence”
• Technological Innovation, Resource Allocation, and Growth (2012, unknown): “However, it is also possible that innovation renders part of the capital stock obsolete (see e.g. Laitner and Stolyarov (2003)) or a reduction in profits for incumbent firms (e.g. Greenwood and Jovanovic (1999); Hobijn and Jovanovic (2001); Garleanu, Kogan, and Panageas (2012)).”
• The Digital Divide: Current and Future Research Directions (2005, unknown): “A broader impact of the IT revolution on the stock market is studied by Hobijn and Jovanovic (2001), providing intriguing evidence that the sharp decline in stock prices in the 1970s was in part driven by “new capital destroying old capital.””